If declines in mortgage rates matched those in the MBS from which they are priced, the 30-year...

If declines in mortgage rates matched those in the MBS from which they are priced, the 30-year fixed would be at 2.6% (instead of 3.3%), says the FRBNY. Capacity constraints among mortgage originators appears to be a key reason, say researchers, as big swaths of the 3rd party origination industry were wiped out in the crisis, and, so far, haven't returned.